Positive Shift If Nifty Breaks Through This Barrier: Technical View | Stock Market Today

The Indian equity market opened the day on a subdued note, largely influenced by weakness in Asian markets. Sentiment remained tepid throughout the session, with the benchmark index struggling to find direction, partly due to the weekly expiry coinciding with a mid-week holiday. Ultimately, the Nifty50 closed at 22,400, down 0.60% for the day.

Also Read: Sensex, Nifty Slip Further As Markets Shrug Off RBI’s Repo Rate Cut Decision | Republic World

Cautious Sentiment Ahead of Holiday

Market breadth showed a slight tilt toward the bearish side, as traders turned cautious in anticipation of the mid-week break. The formation of a small-bodied candlestick—following two sessions of notable price swings—suggests a pause in volatility, reflecting a phase of reassessment among domestic investors. Despite this, the Nifty50’s position near a descending trendline signals a technically challenging landscape. Given these conditions, a cautious trading stance is advisable until a clearer directional trend emerges.

Key Technical Levels to Watch Out

On the downside, the gap zone around 22,300–22,250 is expected to offer initial support and may cushion against further declines. A stronger support base is seen near the 22,000-mark. On the upside, resistance is likely around the sloping trendline zone of 22,500–22,600. Beyond this, a bearish gap between 22,700–22,850 could act as a hurdle. A decisive move above these levels may help revive bullish momentum and improve overall sentiment.

Global Uncertainty and Earnings in Focus

Looking ahead, global uncertainties continue to weigh on investor mood. Additionally, the domestic earnings season is set to begin, with IT major TCS scheduled to announce its quarterly results. The company’s performance and commentary are likely to influence near-term market direction.

In this backdrop, it is essential for investors to stay informed on both international developments and domestic earnings to navigate the evolving market landscape effectively.

Written by Osho Krishan - Senior Research Analyst - Angel One.